€3.7bn investments in renewable bio-based economy launched

The Bio-based Industries (BBI) Joint Technology Initiative (JTI) has been launched. Its aim is to trigger investments and create a competitive market for bio-based products and materials sourced locally, tackling some of Europe’s biggest societal challenges.

€3.7bn will be injected into the European economy between 2014 and 2024 – €975m from the European Commission and €2.7bn from the Bio-based Industries Consortium (BIC) – to develop an emerging bioeconomy sector. Through financing of research and innovation projects, the BBI will create new and novel partnerships across sectors, such as agriculture, agro-food, technology providers, forestry/pulp and paper, chemicals, and energy.

Máire Geoghegan-Quinn, European Commissioner for Research, Innovation and Science, said: “The bioeconomy has huge potential that is attracting investments all around the world. With this new partnership, we want to harness innovative technologies to convert Europe’s untapped renewable resources and waste into greener everyday products such as food, feed, chemicals, materials, and fuels, all sourced and made in Europe.”

The aim of the BBI is to use Europe’s untapped biomass and wastes as feedstock to make fossil-free and greener everyday products. At the heart of it are advanced biorefineries and innovative technologies that will convert renewable resources into sustainable bio-based chemicals, materials, and fuels.

The BBI will help fill the innovation gap between technology development and commercialisation, sustainably realising the potential of bio-based industries in Europe.

Speaking on behalf of the BBI, Peder Holk Nielsen, CEO of Novozymes, added: “The BBI is an unprecedented public private commitment because of its focus on bringing bio-based solutions to the market. It is an opportunity to deliver sustainable growth in European regions and to reverse the investment trend currently going to other regions of the world.”

The BBI is a shift from a fossil and imports-based society to increase Europe’s share of sustainable economic growth, and is expected to create tens of thousands of jobs (80% in rural areas), revitalise industries, diversify farmers’ incomes, and reduce greenhouse gas emissions by at least 50% in comparison to fossil-based applications.

Also launched today is the BBI’s first call for proposals. The call contains a total of 16 topics: ten research and innovation actions with a total budget of €15m and 6 innovation actions with a total budget of €35m.